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The lubricants market in ASEAN, GCC, Africa, and India was valued at $22.94 billion in 2017 and is predicted to reach $29.53 billion by the end of the assessment period, growing at a rate of 4.30%. In terms of volume, it was 8,115.8 KT in 2017 and is estimated to grow at 3.53% during the forecast period. Many factors are influencing this market, including the growing industrial sector in emerging economies and the increasing recognition of the benefits of synthetic oils for the environment and performance.
Various industries like paper & mill, metal forming, foundry, mining, quarrying, energy, plastics, food & beverages, and machining are using more lubricants, contributing to the market's revenue. The automobile industry has a big impact too, especially due to the increased demand for automobiles in regions like ASEAN and India. Their growing GDP has pushed up the demand for cars, which in turn has increased the need for lubricants. Government policies, like tax benefits and incentives, are also attracting automobile companies to set up their manufacturing hubs in these regions, boosting the lubricants market further.
The energy industry is expected to be a significant driver for lubricant demand, valued at $5.54 billion in 2017 and likely to grow at 4.64% during the assessment period. The chemical manufacturing industry is expected to have the highest growth rate at 5.62%.
The market is divided by base oil type, application, end-use industry, and region. Base oil types include mineral oil, synthetic oil, and bio-based oil. Mineral oil was the largest segment in 2017 and is expected to grow at 4.20%. The bio-based base oil segment is likely to grow the most due to its increasing popularity. Mineral oil's lower cost and easy production are major factors driving its growth. Applications are divided into automotive lubricants and industrial lubricants. Automotive lubricants had a significant share in 2017 and are expected to maintain this trend. Within automotive lubricants, segments like engine oil, gear oil, transmission fluids, brake oil, coolants, and greases are contributing. Gear oil is projected to grow the most at 4.95%.
Geographically, the Indian lubricant market is expected to grow the fastest during the forecast period, followed by the ASEAN region. The automobile industry's growth plays a significant role here. Additionally, the increased use of agricultural equipment, mainly in the African region, is expected to contribute significantly to market growth. Egypt had the highest share in value in 2017 and is expected to maintain this pace during the forecast period.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 4.40% 2030 |
Global Lubricants Market Highlights:
ASEAN, GCC, India, Africa Lubricants Market Overview
The ASEAN, GCC, India, Africa lubricants Market Size was valued at USD 119.00 Billion in 2023. The ASEAN, GCC, India, Africa lubricants industry is projected to grow from USD 121.22 Billion in 2024 to USD 140.54 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.3% during the forecast period (2024 - 2032). Increasing demand for lubricants from the automotive sector in the Association of Southeast Asian Nations (ASEAN) and South Africa regions is expected to drive market growth over the forecast period. Expansion of various industries is likely to induce demand for lubricants for the smooth functioning of machinery.
Lubricants are liquids designed to reduce the wear and tear of various parts during runtime. It can ensure smooth functioning of machines at peak speeds with reliability and efficiency. These lubricants cater to needs of automotive and industrial sectors. Investments by players from India and Africa to acquire oilfields to lower crude prices can facilitate market growth. Increasing demand for agricultural equipment in Africa can open up growth opportunities for the market.
Rising environmental concerns regarding the disposal and recycling of lubricants can act as a growth deterrent for the market. Prevalence of electric vehicles is another looming threat which can negatively affect the market.
Report Overview
This report allows the user to gain a deeper understanding of the ongoing events and trends in the ASEAN, GCC, India, Africa market for lubricants. By correlating the historical data with key market dynamics, our analysts were able to make highly accurate projections in the report. MRFR’s report includes a thorough segmental analysis of the ASEAN, GCC, India, Africa lubricants market segmented by base oil, application, end-user, and region with astute insights. This report has been prepared to assist industry participants in making informed decisions on growth strategies and operation management. Users will also come across drivers, trends, opportunities, and restraints which are likely to influence the growth of the market during the assessment period.
Segment Overview
By base oil, the ASEAN, GCC, India, Africa lubricants market has been segmented into mineral oil, synthetic oil, and bio-based oil. The mineral oil segment valuation is anticipated to touch USD 25,417.2 million by 2023. The role of mineral oil as a coolant in insulators and transformers can act as a catalyst to segment growth. This segment can display a 4.20% CAGR over the forecast period. The bio-based oil segment valuation can reach USD 953.1 million by 2023.
By application, the market is segmented into automotive and industrial. The former is sub-segmented into engine oil, gear oil, transmission fluids, coolants, break oil, and greases. The latter is similarly segmented into greases, compressor oil, general industrial oil, process oil, turbine oil, hydraulic oil, industrial engine oil, metalworking fluids, and others. The automotive application segment is touted to grow at a robust CAGR of 4.35% during the forecast period. Rise in trading, sales of motor vehicles, and increase in expendable income levels of consumers are factors likely to augur segment growth over the forecast period.
By end-user, the market is segmented into food processing, construction and mining, metal production, cement production, textile, general industrial manufacturing, chemical manufacturing, and energy. The energy segment accounted for 24.2% share of the market. It can reach a projected valuation of USD 7,277.9 million by 2023 by growing at a 4.64% CAGR over the forecast period.
The segments and sub-segments covered in the report are analyzed under four major regions – ASEAN, Gulf Cooperation Council (GCC), India, and Africa, with respective country-level market sizing. For the scope of research, the standard definition of the product/service “lubricant” is included in the report. The report discusses and interprets the current and future opportunities of the industry by delivering an unbiased growth assessment.
Players Covered
PetroChina Company Ltd., Morris Lubricants, Indian Oil Corporation Limited, Calumet Specialty Products Partners, L.P, Quaker Chemical Corporation, AMSOIL INC., Valvoline, Inc., Sinopec Corporation, Lucas Oil Products, Inc., Phillips 66 Company, Yushiro Chemical Industry, Chevron Corporation, BP Plc, Exxon Mobil Corporation, Lukoil, Petronas, Clariant, Fuchs Petrolub SE, Rock Valley Oil and Chemical Co., Gulf Oil India, Royal Dutch Shell Plc, Total S.A., and others are noteworthy players in the ASEAN, GCC, India, Africa lubricants market. Players in the market are focusing on strengthening their supply chain by acquiring oilfields and expanding their product offerings to cater to demands from various industrial sectors.
The report offers comprehensive profiles on these market players and assesses their current standing in the ASEAN, GCC, India, Africa lubricants market. Company history coupled with annual turnover, segmental share, SWOT analysis, growth strategies, new product launches, mergers and acquisitions (M&A) activities, and latest R&D initiatives are outlined in the report.
Research Development
January 2024: MIDEL and MIVOLT, which are United Kingdom-based firms, have been acquired by Shell Lubricants, a subsidiary of Shell plc from Manchester-based M&I Materials Ltd. MIDEL and MIVOLT product lines under its global lubricants will be produced, distributed and marketed by Shell.
ENSO Oils & Lubricants partnered with Gazpromneft-Lubricants which is a subsidiary of Gazprom NEFT PJSC in order to enhance their distribution pattern of lubricating oil stocks in south Asia; September 2023. ENSO will import as well as sell oils and lubricants under the umbrella of Gazprom Neft -Lubricants that are meant to serve different industries in India.
Starting from September 2023, the Quartz Xtra bottles pilot project launched in 2021 compelled TotalEnergies Lubrifiants to accelerate the integration of their lubricant bottles made of recycled plastics (50% PCR high-density polyethylene). Thereby contributing towards a circular economy and a decline in the use of virgin plastic.
In March 2023, ExxonMobil announced an investment worth about INR900 crores (~USD110 million) for constructing the Raigad plant that produces lubricating oils in Maharashtra, India. The plant is expected to have an annual production capacity once completed; it will produce about 159 thousand kiloliters (Kl) of finished oil. This facility intends to meet the growing demand from mining industries like power construction and steel manufacturing, amongst others.
In January 2024, however, it was announced that the United Kingdom-based MIDEL and MIVOLT were acquired by Shell Lubricants, a subsidiary of Shell plc from Manchester-based M&I Materials Ltd. The company will be tasked with manufacturing and marketing the MIDEL and MIVOLT product lines within Shell's worldwide range of lubricants.
In September 2023, ENSO Oils & Lubricants joined forces with Gazpromneft-Lubricants, a unit of Gazprom Neft PJSC, in order to expand its distribution network of lubricant assets in South Asia. Besides other activities, ENSO would also import and sell oils and lubricants provided by Gazpromneft-Lubricants for various industries in India.
Analysis Period
- Base Year - 2020
- Projection Period - From 2021 to 2030
- Market Denomination - USD Million
- Volume Unit - Kilotons
- Conversion Rate - Considered as per the respective financial years
Intended Audience
- Associations
- Government
- Lubricants manufacturers
- Suppliers and distributors
- Potential investors
- Raw material suppliers
- End Use Industries
For the scope of research, the report offers a comprehensive analysis of the ASEAN, GCC, India, Africa lubricants market.
Base Oil
- Mineral oil
- Synthetic oil
- Bio-based oil
Application
- Automotive
- Transmission Fluids
- Break Oil
- Greases
- Coolants
- Engine Oil
- Gear Oil
- Industrial
- Hydraulic oil
- Process oil
- Industrial engine oil
- Turbine oil
- Greases
- General industrial oil
- Compressor oil
- Metalworking fluids
- Others
End-user
- Food Processing
- Construction & Mining
- Metal Production
- Cement Production
- Textile
- General Industrial Manufacturing
- Chemical Manufacturing
- Energy
Region
- ASEAN; Vietnam, Malaysia, Thailand, Singapore, Indonesia, Rest of ASEAN
- GCC; Saudi Arabia, UAE, Qatar, Oman, Kuwait, Bahrain
- India;
- Africa; South Africa, Nigeria, Tanzania, Kenya, Egypt, Ghana, Rest of Africa
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